The Central Bank of Egypt (CBE) decided on Sunday to exclude, for one year, imports of rice, beans and lentils from the 100-percent cash margin requirement imposed on most imports.
In 2015, the CBE required all importers to fully cover import letters of credit (LC) at banks at the time of opening them.
In a statement, the bank said the exemption will be applicable till March 15, 2023.
The bank said the decision comes as part of efforts to secure needs of the local Egyptian market and facilitate import procedures.
The decision is applicable on all import requests submitted by companies after taking into consideration the credit study conducted by each bank.
Source: State Information Service Egypt